FRT Valuations

Quarterly trend of key valuation metrics

Metric	Current (TTM) TTM Baseline	Q2 '26 30.06.2026	Q1 '26 31.03.2026	Q4 '25 31.12.2025
Market & Enterprise Value
Market Cap	9.23B EUR	10.72B EUR	9.18B EUR	8.7B EUR
Enterprise Value	14.31B EUR	15.47B EUR	13.99B EUR	13.62B EUR
Valuation Multiples
Trailing P/E	21.45x	24.59x	18.12x	25.04x
Forward P/E	32.91x	--	--	--
Price to Sales	6.91x	8.03x	7x	8.97x
Price to Book	2.88x	3.19x	2.77x	2.68x
EV/Revenue	10.72x	11.59x	10.67x	14.04x
EV/EBITDA	17.09x	18.08x	16.38x	21.36x
Price to FCF (P/FCF)	20.23x	32.58x	27.75x	41.21x
EV/FCF	31.38x	46.99x	42.32x	64.53x
FCF Yield	4.94%	3.07%	3.6%	2.43%